“Fine Gael put vultures and banks before people once again” – Chris MacManus MEP

Sinn Féin MEP Chris MacManus has said Fine Gael MEPs have openly and brazenly sided with vulture funds and banks over people after they were the only Irish MEPs to back controversial plans to loosen securitisation regulations proposed by Commissioner Mairéad McGuinness in order to encourage banks to sell Non-Performing loans to vulture funds.

MacManus said:

“Once again, Fine Gael have shown whose side they are on. This was a crucial vote on loosening regulation on securitisation. The Commission was clear that the aim was to encourage banks to sell non-performing loans to vulture funds and yet Fine Gael MEPs were alone among Ireland’s MEPs to back the proposals.”

“It is widely predicted that the Covid recession could bring about a new wave of mortgage arrears especially because the Irish government has decided not extend moratoriums. Now we see Fine Gael and Commissioner McGuinness make it clear that if this happens their plan is simply to rely on vulture funds regardless of the social cost.”

 The Midlands Northwest MEP concluded, “This is a cold-hearted and cynical move designed to protect the capital of banks above the interest of society and working families, farmers and small businesses.” ENDS